Whether or not Korn/Ferry International‘s reported decision to poach financial services recruiters from rival Heidrick & Struggles is a sign of madness or sound strategy, matters both to dealmakers advising recruiting firms on acquisitions, and to other M&A bankers.

The recruiting industry tends to be a leading indicator. If the Los Angeles-based headhunting firm is betting on a macro upswing, it could signal a shake-up of the recruitment industry, and possibly even a rebound in M&A volumes across the board. Read about the deal here.

Recruiting firm valuations are not attractive after sharp falls in Ebitda in the sector, but there comes a moment when such logic goes out the window, particularly now that deal-making talk in the sector has resurfaced with a vengeance.